Let’s begin with a definition. What is gambling? Gambling is betting on something that may or may not happen in the foreseeable future. Once we gamble, we take a risk, choose an uncertain outcome, and bet on it. Gamblers bet on casino games, horse racing, and sports where the result can not be predicted with certainty. Some individuals will bet on anything. Remember the Seinfeld episode where Kramer bet on the arrival and departure times of airplanes at a whole new York City airport?

How is gambling not the same as buying stocks and bonds? Stocks and bonds are considered investments and not gambles because we can reasonably expect to come out ahead in the long run. They can be risky although not in the same sense as gambling.

How is gambling distinctive from buying insurance? Once we buy insurance, we are betting on an element that may or may not happen later on. We don’t want to take the risk which it will happen, so we pay somebody else (the coverage company) to take the risk for us. Once we buy homeowner’s coverage, as an example, we have been betting our house will burn down and the coverage company is betting it will not. (Of course we hope we won’t win this bet.) read this blog post from Ucsd is not gambling because the risk can be calculated. The insurance company uses all kinds of statistics to analyze the probability of our house burning down and fixes the premium we shall pay accordingly.

Individuals have gambled since ancient times. Conversely, society never approved of it since it was labeled an effort to get money without doing work for it. Society thought that hard-work should pave the way to financial success. It wasn’t until the late 1960s that states (except for Nevada which had legalized all forms of gambling earlier) started to run lotteries to raise money for worthwhile causes.

So why do we gamble even though we are unlikely to win in the long run? We gamble for the excitement of the uncertain outcome. Some gamble to try and make their financial dreams come true. Some individuals gamble for entertainment or enjoyment, for example a night out with friends at the casino or a bingo game for a charitable organization or perhaps a lottery ticket. Some think they may beat the odds and make a living out of gambling. There are people who gamble given that they simply love the challenge. They look-at gambling as a game of skill or problem-solving and they are sure they can win. Some like the environment or even the thrill of a possible big win, or the adrenaline rush of going for a chance. Casinos allow us to socialize and pass some time. You can find no clocks in a casino; we lose track of time; we forget all our troubles. It’s like a therapy session! If we are timid, we can go to a casino and boldly take chances.

Occasional gambling may be a relaxing type of entertainment but be cautious not to get addicted. Addiction may lead to obsession. You might lose control and become so fanatical which you can ruin you life or suffer other catastrophic consequences. So if you gamble, be sure to set limits and keep to the limits you have set.